Construction Up First Time In 6 Mos

Total U.S. construction spending rose for the first time in six months in March, beating analyst expectations as public sector outlays increased.

U.S. construction spending rose 0.3% to a seasonally adjusted annual rate of $969.7 billion during the month, the Commerce Department reported. Analysts expected construction spending would fall by 1.3% in March.

U.S. construction spending has been falling since September, taking with it thousands of construction jobs. It has fallen more than 11% on a year-over-year basis.

In revising February's construction spending estimates, the Commerce Department on Monday said spending fell 1.0%, slightly more than its original estimate of a 0.9% drop.